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        <PaymentSubstantialContribtrInd>0</PaymentSubstantialContribtrInd>
        <LoanDisqualifiedPersonInd>0</LoanDisqualifiedPersonInd>
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        <ExcessBusinessHoldingsRulesInd>0</ExcessBusinessHoldingsRulesInd>
        <ContributionControllerInd>0</ContributionControllerInd>
        <ContributionFamilyInd>0</ContributionFamilyInd>
        <Contribution35ControlledInd>0</Contribution35ControlledInd>
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      <Form990SchAType1SuprtOrgGrp>
        <PowerAppointMajorityDirTrstInd>1</PowerAppointMajorityDirTrstInd>
        <OperateBenefitNonSuprtOrgInd>0</OperateBenefitNonSuprtOrgInd>
      </Form990SchAType1SuprtOrgGrp>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>PART IV, SECTION B, LINE 1:</FormAndLineReferenceDesc>
        <ExplanationTxt>ASPEN CENTER FOR ENVIRONMENTAL STUDIES WORKS CLOSELY WITH ASPEN CENTER FOR ENVIRONMENTAL STUDIES ENDOWMENT FUND TO DETERMINE THE LEVEL OF SUPPORT THAT WILL BE AVAILABLE FOR THE SUPPORTED ORGANIZATION. ASPEN CENTER FOR ENVIRONMENTAL STUDIES DISCUSSES FUTURE NEEDS WITH THE ENDOWMENT FUND BOARD. MOST BOARD MEMBERS OF THE ENDOWMENT FUND HAVE BEEN BOARD MEMBERS OF ASPEN CENTER FOR ENVIRONMENTAL STUDIES IN THE PAST. WHILE THERE MAY BE OVERLAPPING BOARD MEMBERS AT ANY TIME, A MAJORITY OF THE BOARD DOES NOT CONCURRENTLY SIT ON BOTH BOARDS.</ExplanationTxt>
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        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
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        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
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        <InvestmentEarningsOrLossesAmt>951883</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>546721</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>11342913</EndYearBalanceAmt>
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        <InvestmentEarningsOrLossesAmt>595057</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>585000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>10787751</EndYearBalanceAmt>
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      <CYMinus2YrEndwmtFundGrp>
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        <ContributionsAmt>150000</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>1258280</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>480000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>10777694</EndYearBalanceAmt>
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      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>9242756</BeginningYearBalanceAmt>
        <ContributionsAmt>150000</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>936658</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>480000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>9849414</EndYearBalanceAmt>
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        <BeginningYearBalanceAmt>9133158</BeginningYearBalanceAmt>
        <InvestmentEarningsOrLossesAmt>109598</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>480000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>9242756</EndYearBalanceAmt>
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      <EndowmentsHeldRelatedOrgInd>0</EndowmentsHeldRelatedOrgInd>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART V, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>ENDOWMENT FUNDS ARE FOR SUPPORT OF ASPEN CENTER FOR ENVIRONMENTAL STUDIES, A 501(C)(3) ORGANIZATION LOCATED IN ASPEN COLORADO.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ASPEN CENTER FOR ENVIRONMENTAL STUDIES</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>100 PUPPY SMITH ST</AddressLine1Txt>
          <CityNm>ASPEN</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>81611</ZIPCd>
        </USAddress>
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        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>546721</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>TO SUPPORT ANNUAL OPERATIONS</PurposeOfGrantTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION IS APPRISED FREQUENTLY THROUGHOUT THE YEAR OF THE SUPPORTING ORGANIZATION'S ACTIVITIES AND HOW GRANT FUNDS ARE SPENT.</ExplanationTxt>
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    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>A DRAFT COPY OF THE FORM 990 IS PROVIDED TO MEMBERS OF THE BOARD OF TRUSTEES AND IS REVIEWED AND APPROVED PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD MEMBERS ARE REQUIRED TO CONTACT KEY STAFF OR BOARD MEMBERS IF THERE IS A CHANGE IN THEIR STATUS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>ORGANIZATIONAL DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>